http://finance.yahoo.com/news/u-secures-480-million-debt-151938415.html
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The CFPB said it would continue to pursue a lawsuit filed against Corinthian filed in September. At the time, the CFPB alleged that Corinthian inflated tuition costs, misrepresented students’ future job prospects and engaged in aggressive debt-collection practices.
CCI did NOT forgive those loans. They were bailed out by the feds. Don't pretend that Corinthian did something decent.
ECMC's only chance at making this thing work was through the largesse of the government. With the AGs not backing down, more members of Congress being vocal, and ED finally starting to lay down the law, I fear that it's over. The fat lady might as well have sung...this bitch ain't gonna fly!
So much for Business As Usual. I'm glad to hear it! Go Department of Ed!
And Zenith can't start its own predatory lending program for seven years. ED is finally starting to show some balls and make it clear that Zenith will be much, much different than CCI. Good for them!